Gold Holding the Bullish Momentum Over $1,800 Price Area – What Next?


Gold has become volatile and corrective, but still sustains over $1,790 to $1,800 price area. Gold holding the bullish momentum over $1,800 psychological support level. What is next? XAU to recover higher in the coming days? What are the charts and technical indicators are saying? Read more to find further insights into today’s XAU/USD Technical Analysis. 

July 14, 2021, | AtoZ Markets – Gold price rose today morning during the Asian session against the U.S. Dollar. After bouncing from $1,790 to $1,800 support level yesterday, the bulls pushed the price higher impulsively, but failed to break above $1,815 to $1,820 intraday resistance level. Gold is currently trading around $1,817 price area and trying to climb upside. As per the current price action, the price may face strong resistance around $1,815 to $1,820 price area in the coming days.

Gold Holding the Bullish Momentum as the Event Level Working Strongly

Gold is currently residing near $1,817 price area and trying to recover upside. However, the price is still residing inside the range of $1,820 to $1,790 price area.

Gold Holding

Image: Gold 4 Hour Chart

According to the 4-hour chart, Gold is still holding the bullish momentum and currently trading around $1,817 price area. As per the current price action, if the price can break above $1,815 to $1,820 price area with an impulsive bullish candle, the bulls may sustain the bullish pressure towards $1,840 to $1,850 price area in the coming days. On the contrary, if the price rejects $1,820 to $1,815 price area with a bearish candle, the bears may regain momentum and push the price down towards $1,800 to $1,790 price area in the days ahead.

Furthermore, the dynamic level of 20 EMA is currently residing below the price, which may work as strong support to push the price upward. Also, the Stochastic Oscillator lines are currently residing near the overbought level 80 and may have a bearish crossover. It indicates that the bears may regain momentum in the coming days.

XAU Bulls Are Still Optimistic

According to the daily chart, Gold is still holding the bullish momentum and currently trading around $1,817 price area. As per the current scenario, if the price can have an impulsive daily bullish candle close above $1,815 to $1,820 price area, the bulls may continue the bullish pressure towards $1,840 to $1,850 price area as a first target. The second target will be $1,900 to $1,915 key area if the price can break above $1,840 to $1,850 resistance area in the coming days.

Gold Holding

Image: Gold Daily Chart

Moreover, the dynamic level of 20 EMA is currently residing below the price. Along with the Bollinger Bands middle band. So, the dynamic level may work as strong support to push the price upside. Besides, the Bollinger Bands middle band may work as a confluence of the dynamic level in the process.

To conclude, as long as the price residing over $1,790 to $1,800 price area, the bias will remain bullish. An impulsive daily close will help to identify the definite momentum in the coming days. 

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